Inflexion exits Succession to Aviva for 3x money

The exit generated over a 3x money multiple for Inflexion, according to a source familiar. 

The GP hired Evercore on the sell-side mandate in early November, according to media reports.

Inflexion bought the asset in 2014 from its founders through its Inflexion 2010 Buyout Fund.At the time of investment, the company operated its own platform and advised clients with around GBP 1.7bn of assets.

Inflexion has helped the group on a big buy-and-build strategy, with it making more than 55 add-on acquisitions, said the source familiar.

Now, the group has 200 planners advising on GBP 9.5bn worth of assets and 19,000 clients, said Aviva in a statement. 

Succession will have an EBITDA of GBP 24m in 2022, said Aviva. Filed accounts suggest the group had revenues of GBP 47m in 2020, the latest available.

Insurer Aviva said that the acquisition will improve its financial advice offering to its four million pensions and two million savings customers that don’t already have an adviser.

CEO James Stevenson will continue to run the business, which will operate as a separately regulated, independent, financial advisory firm and will continue to use the Succession Wealth.

The transaction is being funded through cash and is expected to close in the second half of 2022.

Inflexion just closed its sixth buyout fund at GBP 2.5bn. 

The company

Based in the UK, Succession provides wealth management and financial planning services to individual and corporate clients.

Inflexion declined to comment. 

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• Buyouts
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• Inflexion Private Equity